Prepaid Credit Cards Definition
prepaid credit card question
I want to buy things online but i dont have a credit card so awhile back i saw this advertisement for prepaid Credit Cards. Here are two questions I need answered about them
Do they really allow you to purchase things online like a regular credit card?
Is there a better alternative to using a credit card than using a prepaid one ?
Can I buy them anywhere like at Walmart? ( I think I already know the answer to that one)
How do you exactly put money on them?
P.S I dont want a definition of prepaid cards i think i know the basics of them and dont tell me to use a regular credit card because according to the gov’t I am not exactly eligible for one yet.
The most common prepaid Visa out there is called a Greendot card. They actually have them in both Visas and Mastercards. Here are the basics/answers to your questions.
1.) Do they really allow you to purchase things online like a regular credit card?
Yes and no. They’re not accepted everywhere Credit Cards are accepted, they’re accepted where DEBIT CARDS are. Some places are still not accepting debit cards, but most are. The greendot Visa/Mastercard is accepted everywhere debit Visa/Mastercards are accepted. So yes, you can purchase things online with it.
2.) Is there a better alternative to using a credit card than a prepaid one?
The best alternative to a credit card is a normal debit card linked to a bank account. You said you’re not eligible for a credit card– but have you looked into a debit card? I’m not sure of your situation, so I’m not sure if you’re eligible for that either. Before I got a credit card, when I would purchase things online I would see if anyone in my house (family, friends) would let me use their credit card and I would give them cash for it. That was my alternative, but it might not fit your situation.
3.) Can I buy the anywhere like Walmart?
Yes, you can. You can purchase them at Walmart, CVS, Rite-Aid, other pharmacies, some grocery stores, and at most gas-station convenience stores.
4.) How do I put money on them?
When you first purchase the card at the store, you have to pay $9.95 just to activate the card (this does NOT go on your balance) and then you put money on it right there. To reload the card, you can go to any place that sells the greendot cards (listed in answer 3) and give them the money to put on it. You can also have Direct Deposit set up so that your Payroll check goes right into the account.
There are some big “catches” to these cards, though.
The fees are crazy. Here’s the big ones.
Activation: $9.95
Reload: $4.95
Monthly Maintenance (charged automatically, no matter what): $4.95
Balance inquiry over the phone: $0.75
Balance inquiry at ATM: $0.50
Withdrawal at ATM: $2.50
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